Asked by Chloe Summerville on Jun 23, 2024
Verified
Refer to Table 14-1. The price and quantity relationship in the table is most likely a demand curve faced by a firm in a
A) strategic market.
B) concentrated market.
C) competitive market.
D) monopoly.
Demand Curve
A graph showing the relationship between the price of a good and the quantity of that good that consumers are willing to purchase at various prices.
Competitive Market
A market structure characterized by a large number of buyers and sellers, where no single participant has significant market power to influence prices.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price.
- Comprehension of the behavior of demand curves within a competitive market environment and its consequences on the choices made by firms.
Verified Answer
CD
Chaila DeivonJun 23, 2024
Final Answer :
C
Explanation :
The table shows a constant price regardless of the quantity demanded, which is characteristic of a perfectly competitive market where firms are price takers and cannot influence the market price.
Learning Objectives
- Comprehension of the behavior of demand curves within a competitive market environment and its consequences on the choices made by firms.